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Friday, June 24, 2011

Obamacare's Pitfalls: They Will Touch Every American

These pitfalls proliferate in the Health Care Reform Act, the bill that Pelosi so glibly told us would eventually reveal its specifics after it became law:

The specifics below will touch the vast majority of Americans in one way or another.FromRed State (hat tip to Conservatives on Fire):

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

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Like a lot of the poorly-designed, economic programs of this administration, this program will destroy more wealth than it ever gets around to actually transferring. The negative externalities of this proposal will be legion.....

Read the rest HERE. The specifics are disheartening, particularly for the middle class, as cited here:

This will also have a knock-on unemployment multiplier effect on the people who pave roads to new subdivisions. It will require fewer realtors and settlement attorneys to handle the decreased sales volume. Home values will adjust downward in reaction to the penalty tax that a homeowner has to pay to escape a current residence. This will lead to a downward pressure on tax assessments for residential property which will further complicate the efforts of state and local governments to run organizations such as schools.

This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.

Under the Obama administration, middle-class America is well on the way to serfdom!

This is only going to get worse. Obama will never accept defeat in the next election. If he thinks he is going to loose, I do fear the possibilites. I bet he is going to empty our oil reserves. Yes indeed.

It's actually common sense, the more leftards tax, the more people stop producing and join the parasite class, which then sucks more in entitlements, which reduces the amount of taxation even more. Like a snake eating itself, leftards are their own worst enemies.

Yes it's common sense, which explains why leftards are always the last to catch on.

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